World Bank report says Ghana’s economy improving amid reforms

ACCRA, July 23 (Xinhua) — Ghana’s economy has made progress after a year of reform implementation, according to the latest report by the World Bank Group.
The eighth economic update for Ghana released by the World Bank, titled “Strengthening Domestic Revenue Systems for Fiscal Sustainability,” said Ghana’s economic situation has been improving due to efforts to restore fiscal and debt sustainability, reduce inflation, and strengthen financial stability.
Over the past year, Ghana has made steady progress toward economic stabilization, tackling the severe macroeconomic imbalances that peaked in 2022, according to the report.
The report said the strong monetary policy position of Ghana’s central bank, coupled with a more stable exchange rate regime, has contributed to the reduction of inflation. It also underscored the need for Ghana to focus on quality fiscal adjustment to minimize the impact on growth, and the poor, vulnerable population.
It advised Ghana to introduce sector-specific reforms to ensure financial sustainability in agriculture and energy and rebuild capital buffers in the financial sector while urging the country to introduce bold tax policy measures and tax administration reforms to help improve its fiscal position and budget credibility. ■